In a move to boost financial transparency, the FG has given a nine-month timeline for those keeping dollars outside the banking system to comply. Learn more about the directive and its impact.
The Federal Government has given individuals holding dollars outside the banking system a nine-month deadline.
At a briefing for journalists on Thursday following the National Economic Council (NEC) meeting in Abuja, Wale Edun, the Finance Minister and Coordinating Minister of the Economy, announced that the government has introduced a new policy allowing Nigerians to deposit dollar bills kept outside the formal banking system without facing scrutiny.
The minister assured that there would be no penalty, no taxes, and no questions.
Today, the federal government, in collaboration with the Ministry of Finance and the Central Bank, will announce a new program starting on October 31st. This nine-month initiative aims to allow people to deposit cash currently outside the banking system.
As a result, it is unsafe, insecure, and beyond legal limits. They will be granted permission to bring in cash. Let me stress again that this allows them to deposit dollars held outside the system into their bank accounts—provided it’s not from criminal activities or illicit sources.
“They simply fulfill the standard ‘Know Your Customer’ requirements of banks, providing an opportunity to secure and safeguard those funds while making them accessible for regular economic activity.”
The minister further mentioned that 25 million Nigerians have benefited from federal social protection programs, which include digital outreach efforts, microenterprise loans, and tailored support for sectors such as power, agriculture, manufacturing, health care initiatives involving compressed natural gas.
